Blunder reveals scope of property downturn

An embarrassing blunder by housing minister Caroline Flint has revealed the true scope of the difficulties facing the UK property market.

Ms Flint was seen carrying a confidential document in full view of photographers, who proceeded to take snaps of it before using image enhancing techniques to reveal its content.

In sharp contrast to recent assessments in which she insisted the property market remains robust, Ms Flint's top secret paper revealed that the state of the market is anything but rosy.

"Given present trends they will clearly show sizeable falls in prices later this year - at best down five to ten per cent year-on-year," the document unequivocally asserted.

It continued: "We can't know how bad it will get … The market is being affected by the global credit crunch which is making it difficult for many who would like to buy to do so."

Whitehall has hit back by insisting that the assessment was drawn up by external sources, but analysts have labelled the blunder the final nail in the coffin of the London property optimists.

Published 14th May, 2008

© 2008 Estates IT Limited

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